According to Jinshi Data, JPMorgan Chase is increasing its long positions in the yen as it believes that Friday's U.S. non-farm payrolls data will be disappointing, paving the way for the Federal Reserve to cut interest rates by 50 basis points this month.
JPMorgan strategists James Nelligan and Patrick Locke said the expected results gave them confidence to further support funding currencies. Defensive funding currencies can gain support from the downward trend in economic growth and yields.
